There’s an ld stock market maxim: “Sell in May and stay away.” Risk-off assets typically face a lot of pressure in May and either sell-off or experience a lot of choppiness.
If Bitcoin does get rejected here, then broader ABC corrective wave could likely terminate all the way down to 36,935 the we could see the Lagging Span find support at 44,000.
Given the bullish setup on the weekly Ichimoku chart and the Point & Figure chart, May could be a massively bullish one for Cardano – followed by a massive crash if we assume Cardano would follow the rest of the market lower.
The buy stop at 1.60 would confirm a major entry on the Point & Figure chart by fulfilling a bearish fakeout as well as a bullish catapult.
If Ethereum does reach the 3300-3400 value area, I’d be looking to short it to around 2200 or look at the 2200 value area a zone to place some limit buy orders.
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